# Re-Mortgaging Your Home In The Middle Of A Pandemic: What You Need To Know Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-01-27 Category: BANKING Category URL: https://financedigest.com/category/banking Meta Title: How to Re-Mortgage Your Home During the Pandemic Meta Description: Discover why re-mortgaging your home during the pandemic could be a smart move. Save money, release equity, and find the best deal with our expert advice. URL: https://financedigest.com/re-mortgaging-your-home-in-the-middle-of-a-pandemic-what-you-need-to-knowhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/untitled-design-22-1736838624522-compressed.jpg) _By **Pete Mugleston,** Mortgage expert and MD at_ [_www.onlinemortgageadvisor.co.uk_](http://www.onlinemortgageadvisor.co.uk/) With the housing market still very much open for business during the third national lockdown, it is still possible to re-mortgage your home. During the pandemic, it’s not always clear how to go about doing tasks that once seemed simple, so below are some of the key things to bear in mind if you’re planning to re-mortgage in the coming weeks. **Why should you re-** **mortgage your home?** Everyone has their own reasons to re-mortgage a property. There are plenty of different circumstances where re-mortgaging your property is the best thing to do at the time for yourself and your family, for example to [save money](https://www.financedigest.com/saving-money-hacks.html "Saving money hacks") and reduce your monthly repayments or take advantage of a drop in interest rates. Even though there have been a significant number of re-mortgaging options withdrawn [since the start of the pandemic](https://www.financedigest.com/uk-sees-biggest-rise-in-foreign-workers-since-covid-19-pandemic.html "UK sees biggest rise in foreign workers since COVID-19 pandemic"), there are still hundreds more options available and products are returning to the market every day, so it’s worth having a look around at what’s there for you at the present time. You may also want to re-mortgage if you spot a better deal elsewhere, or to release equity from your property for a significant monetary purchase. The process may also be needed to release [funds for some home renovations on your property](https://www.financedigest.com/some-uk-property-funds-defer-investor-withdrawals.html "Some UK property funds defer investor withdrawals"), including extensions or conversions. These improvements can not only enhance your living space, but also increase its value in the long term, so is a clever investment. **It may take longer than usual** ![Pete Mugleston](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/pete-mugleston-450x300-1736838624319-compressed.jpg) Pete Mugleston Mortgage lenders are increasingly busy during the pandemic; they are facing a huge demand when it comes to mortgage [payment holidays](https://www.financedigest.com/polands-bank-millennium-third-quarter-results-hit-by-payment-holidays.html "Poland’s Bank Millennium third-quarter results hit by payment holidays") and other general concerns facing homeowners, seller and buyers attempting to pivot around the ongoing restrictions and lockdowns. Therefore, if you’re looking to re-mortgage it would be best to start the process sooner rather than later to [allow time](https://www.financedigest.com/allowing-yourself-time-to-grow-as-a-leader-consciously-will-enable-you-to-support-your-team-authentically.html "Allowing yourself time to grow as a leader, consciously, will enable you to support your team authentically") for the bank to work on your application before your current product’s introductory rates period runs out, as it will most likely take a longer time than usual. Different lenders will have different response times though so it’s a good idea to look around at your available options, or consult a mortgage broker to see if they can help in [saving you time](https://www.financedigest.com/modernisation-of-insurance-technology-saves-invaluable-time-and-money.html "Modernisation of insurance technology saves invaluable time and money"). A good mortgage broker will be able to do the majority of the legwork for you, ensure your paperwork is correct the first [time and ensure that you’re introduced to the right lender for your specific needs](https://www.financedigest.com/lending-is-behind-the-times-the-need-to-modernise.html "Lending is behind the times – the need to modernise"). **Changing lenders** You do not have to [change lenders in order to re-mortgage through the pandemic](https://www.financedigest.com/developmental-best-practices-must-change-to-ensure-the-post-pandemic-recovery-of-financial-services.html "Developmental best practices must change to ensure the post-pandemic recovery of financial services"). If you re-mortgage with your current lender, this is called a product transfer which can include switching loan amounts, new [rates and the general terms of your mortgage](https://www.financedigest.com/home-prices-are-setting-records-while-mortgage-rates-plunge-is-it-time-to-refinance.html "Home Prices Are Setting Records While Mortgage Rates Plunge – Is It Time To Refinance?"). However, you can still change lenders if there is a better deal to be had elsewhere. Changing lenders will require you to hire a [property solicitor or conveyancer who will handle the legal](https://www.financedigest.com/property-letting-could-become-a-legal-minefield.html "PROPERTY LETTING COULD BECOME A LEGAL MINEFIELD") aspects of the re-mortgage for you. **High loan to** **value mortgages** A high loan to value (LTV) [mortgage is where the mortgage lender](https://www.financedigest.com/things-mortgage-lender-takes-into-account-when-processing-an-application.html "Things Mortgage Lender Takes Into Account When Processing an Application") offered you a high proportion of the property’s value and asked for minimal deposit. Although many mortgage lenders withdrew their high LTV products when the pandemic began, things have since improved and it may be possible to take advantage of the [low interest](https://www.financedigest.com/qualifying-for-low-interest-credit-card-consolidation.html "Qualifying For Low Interest Credit Card Consolidation") rates if you apply for your re-mortgage through a mortgage broker. **[Saving money](https://www.financedigest.com/5-saas-tools-to-help-your-company-business-save-money-in-2022.html "5 SaaS Tools To Help Your Company/Business Save Money in 2022") by re-mortgaging** With the [Bank of England setting interest rates](https://www.financedigest.com/investors-trim-bets-for-peak-bank-of-england-rate.html "Investors trim bets for peak Bank of England rate") at 0.1%, you might be able to save a considerable amount on your monthly mortgage payments by taking advantage of the best re-mortgaging deals available to you. Reducing monthly mortgage payments is one of the most popular reasons that [people choose to re-mortgage their property](https://www.financedigest.com/high-streets-remain-an-important-factor-for-people-choosing-where-to-live-property-investors-on-alert.html "High streets remain an important factor for people choosing where to live – property investors on alert"), however people also re-mortgage to release equity or to repay outstanding debts. With many different options available, in most cases you’ll save the most [money by switching to a new deal rather than moving onto your lender’s Standard](https://www.financedigest.com/mistakes-to-avoid-while-choosing-a-private-money-lender.html "Mistakes To Avoid While Choosing a Private Money Lender") Variable Rate. **Paying off** **debts** You may want to re-mortgage so you can pay off any debts you have, but be aware it is not usually the most cost-effective way to do so. The interest rate is lower, but you’ll likely be paying it off for a longer period of time, compared to a [short fixed](https://www.financedigest.com/ifrs-15-moving-away-from-short-term-fixes-is-vital-for-effective-compliance.html "IFRS 15: Moving away from short-term fixes is vital for effective compliance") loan. **Re-mortgaging on furlough** It is possible to re-mortgage whilst on [furlough if you’ve already taken out a mortgage on your property and it’s coming to the end](https://www.financedigest.com/analysis-end-of-furlough-brings-uncertainty-for-uk-jobs-and-economy.html "Analysis-End of furlough brings uncertainty for UK jobs and economy") of its fixed term. It should be fine to stay with the same lender and switch mortgages if you’re on furlough as long as you’re not applying to borrow more [money from the banks](https://www.financedigest.com/digitisation-of-banking-the-impact-of-digital-money.html "Digitisation of Banking: the impact of digital money"). Having said that, it will be more difficult if you wanted to switch to a new lender, so it’s advisable to seek professional [guidance from a mortgage](https://www.financedigest.com/security-backed-mortgages-essential-tips-and-guidance.html "Security-Backed Mortgages – Essential Tips and Guidance") broker if you’re thinking of doing that. **Consult a mortgage expert** It’s worth emphasising the value of expert advice during the pandemic, or during any other periods of [economic uncertainty](https://www.financedigest.com/why-a-liberated-cfo-and-fintech-solution-are-a-dream-partnership-for-navigating-economic-uncertainty.html "Why a liberated CFO and fintech solution are a dream partnership for navigating economic uncertainty"). With things in constant flux, navigating the mortgage landscape is more difficult than ever without guidance from those of us in the know. Even if you’re in a position to [pay more than your monthly payments, or you just want to pay off and settle](https://www.financedigest.com/cvs-walmart-walgreens-agree-to-pay-13-8-billion-to-settle-u-s-opioid-claims-sources.html "CVS, Walmart, Walgreens agree to pay .8 billion to settle U.S. opioid claims – sources") your mortgage, some lenders don’t allow you to do this. If you consult an expert, they’ll be able to independently look at your situation and advise you on different lenders and re-mortgaging options that you have available. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---